Re: Our “Catch-22” Monetary System…There is No Way Out
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this shouldn’t really be looked at as bailing out the banks…after all Greece has no money with which to bail out anyone. when a restaurant in NJ pays its dues to the mafia, is it bailing them out? Greece is paying their protection money to get the capos (apparently just “free market” players) to move on and point the gun at someone else’s head. they’re going along with the plans of those who tookover Greece 50 years ago with the $ standard and 10 years ago with the Euro standard by allowing the big banks (IMF) to restructure Greece’s balance sheet under terms that give them more leverage.
EU politicians are not bailing out Greek citizens, they are bailing out the banks that are holding Greek bonds.
It’s also a stranded attempt to defend people’s claims and receivables and faith captured in a maladaptive currency.
If you name Greece as an example for the uber-competitors agenda, then you should at least notice that the Euro currency was established on pure political will against common sense and economic insight. The Euro currency has been dysfunctional since day one and caused cancerous economic divergence of the member countries since that time. It was pure political will that forced Greece to enjoy 10 years unearned benefits, which also undermined their domestic economy altogether; and the political elite didn’t even bother to commit fraud in order to enter the poisonous allowance game. They abandoned currency sovereignty and cared on no account about a long-term attitude.
Strabes, I can feel goes’ pain regarding the barrenness of monetary threads. This one-sided good vs. bad simplifications are back-breaking.